Bermuda-based re/insurer Sirius Group has elected Kernan Oberting to succeed Allan Waters as chief executive offer (CEO), and Ralph Salamone to succeed Oberting as chief financial officer (CFO).
Both appointments are effective February 9. In addition, Meyer (Sandy) Frucher, the chair of the nominating and governance committee of the board of directors, has been been appointed as interim non-executive chairman.
"On behalf of the board of directors, I want to thank Allan for his remarkable leadership as CEO," said Frucher. "Allan has left a significant legacy and made lasting contributions to Sirius Group. Under his leadership, Sirius Group was publicly listed and diversified its shareholder base with four globally recognised investment firms as cornerstone investors. Today's leadership announcement is part of a thoughtful succession plan culminating in Allan's existing management team being appointed to continue to lead Sirius Group into the future."
Waters will step down from his current role as director of Sirius Group, and will provide advisory services to Oberting and other senior executives at Sirius Group.
Oberting served as president of Sirius Group since September 2018 and CFO since April 2016. He was also president of Sirius Capital Markets since April 2016. He was also senior partner of White Mountains Capital from July 2012 until April 2016.
Prior to becoming CFO, Salamone served as president and CEO of Sirius Global Services, a position he held since 2010. He also served as senior vice president, CFO and treasurers at Sirius America Insurance Company since 2012.
Oberting commented: "I am honoured and privileged to be the next CEO of Sirius Group, and I appreciate the confidence that Allan and the board of directors have placed in me. I also want to thank Allan for his constant support, and am fortunate to have him as both a mentor and friend. This is an exciting time for Sirius Group, and I look forward to working with Ralph, our management committee and the rest of our colleagues all over the globe to grow our franchise and create value for all stakeholders."
Sirius Group, Appointment, Kernan Oberting, Allan waters, Ralpha Salamone, Bermuda